Bitcoin price spikes to $20K as whale bought BTC confirms support

Bitcoin (BTC) rose to clip $20,000 for the first time in five days on July 4 as the Independence Day holiday brought some unexpected gains.

BTC/USD 1-hour candle chart. Source: Tradingview.com

$20,000 briefly reappears

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $20,085 on the day, its best performance since June 30.

The pair had spent most of the holiday weekend at around $19,000, but the absence of Wall Street trading ultimately proved no obstacle for bulls. 

Thinner weekend order books likely exacerbated volatility compared to underlying volumes, but nonetheless, Bitcoin was up 3% on the day at the time of writing.

“Bitcoin has successfully created Bullish Divergence on the Daily Time Frame for the first time since breaking below $20,000,” popular analyst Matthew Hyland noted.

On-chain analytics resource Whalemap meanwhile confirmed that whales buying coins at $19,200 had once again provided support for the market.

As Cointelegraph reported, whales had expressed a keen interest in levels immediately below $20,000, conspicuously not choosing to wait until much-vaunted levels at $16,000 and below appeared.

“Flipping $19.5K is a trigger for Bitcoin,” Cointelegraph contributor Michael van de Poppe added.

Altcoins meanwhile made the most of Bitcoin’s spike, with Ether (ETH) rising almost 6% to pass $1,100.

ETH/USD 1-hour candle chart. Source: Tradingview.com

Others in the top ten cryptocurrencies by market cap broadly saw daily gains of around 5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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